News

Ikea to open its largest store in U.S. in 2016
Ikea will open the largest Ikea store in the United States in Burbank, Calif., next year.

The new store, on 22 acres along Interstate 5 in Burbank, be 456,000 square feet (the biggest Ikea in the world, at 594,000 square feet, is in Stockholm). Plans include parking for 1,700 cars, "improved access and parking and a larger warehouse space," plus "50 'inspirational room-settings,' three model-home interiors, a supervised children's play area and a larger restaurant for serving Swedish specialties."
Priceline digs into food service
Norwalk, Conn. – Online pricing provider The Priceline Group is digging into the food service market.

Priceline has acquired AS Digital, an Australian provider of restaurant table and reservation management solutions.

Caps fit Genesco well in Q2

Nashville, Tenn. – Despite a late back to school season, Genesco Inc.’s profit and revenue beat the Street in the second quarter, helped by the strong performance of its Lids headgear division.

Genesco reported net earnings of $7.52 million, up 60% from $4.69 million the same period a year earlier and beyond Wall Street predictions. Improve pretax earnings, combined with lower income tax expense, perked up profit at Genesco Inc.

Net sales rose 6% to $655.52 million, from $615.47 million.
Genesco takes the Lid off sales in Q2

The CEO of Genesco Inc. says the company had strong sales despite the later start to the back-to-school season and some pressures to right-size inventories.
Former chief of Johnny Rockets takes reins of coffee chain

Los Angeles -- The nation’s largest privately held specialty premium coffee and tea retailer has a new chief.

The Coffee Bean & Tea Leaf named John Fuller as its new president and CEO. For the past five years, he served as president and CEO of The Johnny Rockets Group, where he directed operations for the multi-million dollar global restaurant chain, which spans 28 countries with 338 locations. Fuller left Johnny Rockets earlier this year.
Why Costco may be the envy of Walmart

Despite reporting ho-hum sales for July, Costco said Thursday that its comps for the fourth quarter and fiscal year were up an impressive 6%.
Meet Target's new CFO

Target Corp. has a new finance chief and executive VP. Cathy Smith officially joined the discounter on Sept. 1, coming from Express Scripts, the nation’s largest pharmacy benefits manager, where she was also CFO.

A seasoned retail leader, Smith also held CFO positions at Walmart International, GameStop, and others. Target recently posted a Q&A with Smith on its Bullseye blog. Here are some highlights:

What made you decide to take on this role at Target?
Report: Apple reveals new retail store design

Apple is about to embark on a whole new path when it comes to the design of its retail stores, starting with its next project in Memphis, Tenn.

According to the Memphis Daily News, Apple’s new location at the Shops of Saddle Creek mall in Germantown will see several departures from the company’s traditional retail look and feel, with the facade set to feature “a matte granite reinforced panel on the exterior wall," among other differences.
RetailMeNot: Consumers work at Labor Day shopping

Austin, Texas – Labor Day is supposed to be a day of rest, but consumers are planning to work at shopping for the upcoming Labor Day holiday Sept. 7.

According to a recent RetailMeNot-Kelton survey, two in three (67%) people planning to spend money this Labor Day will spend an average of $144.

In addition, 13% anticipate their Labor Day spend will exceed $200. While 67% of consumers do actually plan to relax at home, one in three intend to visit the mall.
PetSmart says 'Happy Gotcha Day'

PetSmart is throwing a celebration at its stores that aims to appeal to pet owners and people who want to be pet owners.

For the first time, PetSmart will throw a “Happy Gotcha Day” celebration to help find homes for about 15,000 homeless pets during the next PetSmart Charities National Adoption Weekend, Sept. 11-13, when more than 1,400 PetSmart stores will host the event in the U.S., Canada and Puerto Rico. The thousands of pets with unknown birthdays that are expected to be adopted will now have a day to call their own.